President Trump and his administration are considering options to help boost the American economy in a time of uncertainty. Some recourses officials have been contemplating a payroll tax cut and a reversal of some of Trump’s tariffs, according to The New York Times.
Meanwhile, Trump continues to say that the economy is “doing tremendously well” while his administration scrambles to put together a back-up plan in the event of a recession.
A payroll tax reduction could help the economy by giving more money to workers via their paychecks. This move would require congressional approval.
One White House official said that “cutting payroll taxes is not something that is under consideration at this time,” but more tax cuts could be considered.
More, it seems highly dubious that Trump would scale down on his trade war, which he has insisted does not affect Americans.
Nevertheless, Trump’s administration seems to be preparing for a downturn, despite saying that the economy is strong.
On Sunday, Trump was asked by a reporter if he was preparing for a recession. He answered, “Honestly, I’m prepared for everything. I don’t think we’re having a recession. We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut, and they’re loaded up with money. They’re buying.”
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